Pink Slip is the term that refers to the notice of dismissal issued by the employer to the employee. A pink slip is used to notify the employees that their position is eliminated or that their services are no longer required. Putting it in simple words, a pink slip is an informal name for the termination notice.
The employer issues a pink slip to notify an employee that he/she is being laid off or fired. With mass layoffs or businesses shut down, pink slips can be handed over individually or collectively according to suitability.
Also, See: Employee Benefits Administration
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